Credit 101 with Equifax – FACE Coalition [MasterClass Monday #1]

The topic of our 1st “MasterClass Monday” on June 14th was: “Your Credit…The Virtual Door to Wealth Creation”. Julie Kuzmic, Equifax Senior Compliance Officer, joined us to answer all your questions about credit:
– What is a good or bad credit?
– What impacts your credit the most?
– What is a Beacon Score?
– What is an R-9?
– How can you rapidly fix your credit?
Come and learn from the credit bureau experts themselves with our partner Equifax!


Le thème de notre 1er « MasterClass Monday » le 14 juin était : « Votre crédit… La porte virtuelle de la création de richesse ». Julie Kuzmic, agente de conformité sénior chez Equifax, s’est jointe à nous pour répondre à toutes vos questions sur le crédit :
– Qu’est-ce qu’un bon ou un mauvais crédit?
– Qu’est-ce qui impacte le plus votre crédit?
– Qu’est-ce qu’une cote Beacon?
– Qu’est-ce qu’un R-9?
– Comment réparer rapidement son crédit?
Venez apprendre des experts du bureau de crédit eux-mêmes avec notre partenaire Equifax!

00:00 Intro
03:35 Host Introduction – Thierry Lindor
06:45 Housekeeping notes
08:05 Equifax Senior Compliance Officer Introduction – Julie Kuzmic
09:27 Start of Presentation
09:36 What is credit?
12:14 What is a credit bureau? How is my credit information used?
17:37 Credit files vs credit scores
18:40 Hard vs soft inquiries
22:43 Public records (collections, bankruptcies, legal judgments)
25:59 Trade Information
27:08 Credit score vs credit rating
28:55 All abour credit scores
31:56 You have multiple credit scores
42:30 Examples of different scores from different sources
43:43 Credit score characteristics (payment history, utilization, history, credit mix, new credit)
50:20 Consumer data retention rules
51:04 How to get your credit score and report online (for FREE)?
54:00 Q&A!!
54:19 Can a business have a credit score?
55:42 Does Equifax hold business credit scores?
56:34 Is your credit score linked to your social insurance number?
58:09 If my name or social security number changes, would it impact my credit score?
59:08 As a newly arrived Canadian, what is the best way to build my credit?
1:02:16 Consumer proposal vs bankruptcy: how long do they appear on your report?
1:04:24 Tip for people struggling with credit!! Debt management program (non credit counselors)
1:07:03 Closing accounts vs keeping accounts open at 0
1:12:25 What should be my used vs available balance percentage?
1:15:14 Tip!! There is only 1 credit card balance that REALLY matters..
1:17:07 Is it true that going over my credit limit drastically impacts my credit score?
1:18:38 Does changing your adress or job affect your credit score?
1:20:14 What is the best way to correct a credit file? Is there a fee?
1:20:50 Is it true that we should not pay collection agencies?
1:25:29 What is the difference between the free credit score we get from Equifax and us paying a monthly fee to access the score?
1:27:20 How long does the credit history stay on file? Does it ever reset?
1:28:34 Are my credit information sent both to Equifax and Transunion?
1:29:09 How to report identity theft to Equifax?
1:30:28 Is it true that adding my child on my credit card as a secondary borrower helps build their credit history?
1:32:50 “Forget credit, I’m paying everything cash!”
1:34:45 If you self-surrender a car how does that affect your credit and ability to get a loan in the future?
1:35:27 Does fraud and incarceration appear on your credit score?
1:36:07 If I deferred payments during COVID 19, will it impact my credit?
1:36:56 If I have personal bad credit and I open a business, could my business have good credit?
1:37:51 What if we reach an agreement with our lenders without going through consumer proposals, does it affect our credit?
1:38:54 Does bringing my credit card balance to 0 affect my credit negatively?
1:41:24 Closing words by Julie Kuzmic
1:42:42 Is there such a thing as a fast hack for good credit? Should I trust “credit repair people”?
1:45:06 Closing words by Thierry Lindor
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The Federation of African Canadian Economics is a coalition of black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent.

#credit #creditscore #FACEcoalition #1FACE #creditrepair

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1 Response

  1. FACE Coalition says:

    Cliquez sur "CC" pour les sous-titres français!

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